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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q

QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934


For The Quarter Ended
Commission File
April 30, 2005
Number 1-5674


ANGELICA CORPORATION
(Exact name of Registrant as specified in its charter)


MISSOURI
43-0905260
(State or other jurisdiction of
(I.R.S. Employer Identification No.)
incorporation or organization)
  
   
   
424 South Woods Mill Road
  
CHESTERFIELD, MISSOURI
63017
(Address of principal executive offices)
(Zip Code)

 
(314) 854-3800
(Registrant’s telephone number, including area code)

Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).     Yes   X   No     
 
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes   X   No     

The number of shares outstanding of Registrant’s Common Stock, par value $1.00 per share, at June 1, 2005 was 9,180,578 shares.
 

 
ANGELICA CORPORATION AND SUBSIDIARIES

INDEX TO

APRIL 30, 2005 FORM 10-Q QUARTERLY REPORT

 

 
Page Number
 
Reference
   
   
Part I. Financial Information:
  
   
Item 1. Condensed Financial Statements:
  
   
 
2
   
 
3
   
 
4
   
5-12
   
 
13-17
   
 
18
   
18-19
   
Part II. Other Information:
  
   
20
   
20
   
21
   
22

Index
 
PART I. FINANCIAL INFORMATION
Item 1. Condensed Financial Statements

     
Angelica Corporation and Subsidiaries
           
Unaudited (Dollars in thousands, except per share amounts)
      
            
            
            
 
  
First Quarter Ended
 
    
April 30, 2005
    
May 1, 2004
  
               
Continuing Operations:
              
Net revenues
  
$
102,580
  
$
77,730
  
Cost of services
    
(87,046
)
  
(65,563
)
Gross profit
    
15,534
   
12,167
 
Selling, general and administrative expenses
    
(12,663
)
  
(10,180
)
Amortization of other acquired assets
    
(811
)
  
(225
)
Other operating expense, net
    
(52
)
  
(29
)
Income from operations
    
2,008
   
1,733
 
Interest expense
    
(1,150
)
  
(280
)
Non-operating income, net (Note 4)
    
539
   
2,100
 
Income from continuing operations before taxes
    
1,397
   
3,553
 
Provision for income taxes (Note 5)
    
(377
)
  
(1,030
)
Income from continuing operations
    
1,020
   
2,523
 
               
Discontinued Operations:
              
Income from operations of discontinued segment,
              
net of tax
    
-     
    
672
 
Loss on disposal of discontinued segment,
              
net of tax
    
-     
    
(3,064
)
Loss from discontinued operations
    
-     
    
(2,392
)
Net income
  
$
1,020
  
$
131
  
               
Basic earnings per share (Note 7):
              
Income from continuing operations
  
$
0.11
  
$
0.28
  
Loss from discontinued operations
    
-     
    
(0.27
)
Net income
  
$
0.11
  
$
0.01
  
               
Diluted earnings per share (Note 7):
              
Income from continuing operations
  
$
0.11
  
$
0.27
  
Loss from discontinued operations
    
-     
    
(0.26
)
Net income
  
$
0.11
  
$
0.01
  
 
 
 
 
 
The accompanying notes are an integral part of the consolidated financial statements.
 
 
2
 

         
Angelica Corporation and Subsidiaries
          
Unaudited (Dollars in thousands)
          
   
April 30,
  
January 29,
  
     
2005
    
2005
  
               
ASSETS
              
Current Assets:
              
Cash and short-term investments
  
$
2,488
  
$
926
  
Receivables, less reserves of $707 and $510
    
55,210
   
44,454
 
Linens in service
    
45,870
   
38,846
 
Prepaid expenses and other current assets
    
3,371
   
3,817
 
Deferred income taxes
    
4,354
   
5,386
 
Total Current Assets
    
111,293
   
93,429
 
Property and Equipment
    
200,636
   
193,835
 
Less —accumulated depreciation